Loading ...Been getting information on the 87 thousand IRS workers under the inflation reduction plan.
Inflation reduction= tax collectors?
That this is said will not occur all at once but within 10 years. That 50 thousand IRS are going to retire within the next 10 years That leaves about 37k extra tax collectors within 10 years. We know that about 50 percent of the people they audit make less than 75 thousand. So out of the extra 37 thousand we can guess about 50 percent will not be auditing those over 400K but less.
The current government knows its spending more than its taking in.
We know there’re raising interest rates to combat the inflation they caused on Government expenses, spending and printing over budget. We know they can’t pay even the interest on the debt with raising interest rates.
It’s not like the 1980s interest rate hikes when we were more financially sound.
We also know we can’t depend on them to stop printing.
So it is what it is. They plan on not just going after those over 400K who didn’t pay or pay enough taxes, but small businesses , average citizen making under 75K, raising taxes and attempting to eliminate loopholes of both small businesses and big corporations like Amazon to raise money to pay off their debts. Inflation reduction by taxes.
No mention about those who took out PPP’s during the Covid outbreak who didn’t need it.
So on top of everything else will they keep inflating and like they did before Trump drive business right out of the country again?
People with businesses and assets will need good tax accountants that know the expenses, deductions along with the current documentations they may not be aware of and changes that will occurs over time so there no surprises.